Diners Club is not as widely accepted as Visa or Mastercard, so not many of the younger generations may know that it exists. Even so, their various S$500 credit limit cards may be decent options for students, NSFs, and lower-income working adults.
How does it compare to other student credit cards in the market though?
Today, we’ll go through the Diners Club/Sheng Siong Cobrand S$500 Credit Limit Card and assess how this card measures up:
- Eligibility requirements
- Annual fees and credit limit
- Cashback and benefits
- How this card compares to other Sheng Siong Cards
- Who should use this card
Sheng Siong Cobrand S$500 Card: Who’s Eligible?
|Residential Status||Singaporeans or Permanent Residents|
|Age||18 – 65 years old|
|Annual Income Requirements||None for students and NSFs; S$16,000 for working adults|
|Additional Eligibility Criteria to Fulfil||Must not be an existing Diners Club Basic cardholder.|
The eligibility criteria isn’t strict and working adults can also apply for the card. To qualify for this card as a working adult, you only need a minimum annual income of S$16,000.
But if you’re earning at least S$18,000, you may be able to qualify for options like the CIMB AWSM Card instead. This gives you unlimited 1% rebates on dining, entertainment, online shopping, and telco payments — whereas the Sheng Siong card’s cashback is limited to, well, Sheng Siong.
Fees and Credit Limit
|Annual Fees||S$28 (waived for the first year)|
|Minimum Monthly Payment||Total outstanding balance or S$50 (whichever is lower) + all past due amounts and any amount exceeding Credit Limit|
|Effective Interest Rate||28% per annum (min. S$3 charge)|
|Cash Advance||6% of cash advance amount or S$20, whichever is greater|
|Late Payment Charges||S$80|
|Foreign Currency Transaction Fee||3%|
Unlike other student credit cards, you can’t get a fee waiver by making a certain number of purchases or fulfilling a minimum spend.
The annual fees are also on the higher end of the spectrum. Many entry-level cards — including the CIMB AWSM — have lower or no annual fees.
Card Rebates and Benefits
|Cashback||2% rebate on all spending at Sheng Siong outlets|
|Other Benefits||Diners Club Privileges:|
Sheng Siong Rebates
Two things to note:
- Whatever rebates you earn at Sheng Siong can only be redeemed the next day and only after the rebate has been credited to your card.
- Your rebates will expire in 30 days; unused rebates are automatically forfeited.
That’s a pretty short timeframe in which to use your rebates, but then people who opt for this card would likely shop at Sheng Siong often.
Air Miles Points Conversion
Every dollar spent grants you one point. Diners Club allows its users to exchange points into KrisFlyer or SkyMiles, which is a plus for frequent flyers.
Each exchange can only be done in batches of 4,500 points (or 1,000 miles).
Don’t expect to get lots of free travel with this card though. Even if you max out the S$500 limit each time, the most you’ll earn is 500 points per month. It’ll take you at least 9 months to get 1,000 air miles if you don’t exceed the credit limit to avoid the overlimit fee.
This is quite a long and gruelling process for that small number of air miles, which barely offsets any flying costs.
How’s this Card vs Other Sheng Siong Cards?
Despite the subpar benefits, this card has lower foreign currency transaction fees, annual fees, and late payment charges compared to other Sheng Siong cards.
Here’s a quick comparison:
|Card||Sheng Siong Benefits||Minimum Spend||Annual Fees||Late Payment Charges||Foreign Currency Transaction Fees|
|Diners Club / Sheng Siong Cobrand S$500 Credit Card||2% cash rebate earned and redeemed at Sheng Siong||None||S$28 (waived for first year)||S$80||Up to 3%|
|BOC Sheng Siong Visa Card||6% cash rebate||None||S$32.10(waived for first year)||S$100||Up to 3.2%|
|POSB Everyday Card||5% cash rebate||$800||S$192.60(waived for first year)||S$100||Up to 3.25%|
|Citibank SMRT Card||5% if minimum spend fulfilled; 0.3% otherwise||$500||S$192.60(waived for first 2 years)||S$100||Up to 3.25%|
In our view though, the Bank of China Visa is a much better deal if you’re looking to maximise cash rebates from Sheng Siong.
But that comes with a caveat: all three alternatives have higher annual income requirements. If you’re a student, NSF, or working adult earning less than S$30,000 a year, the Diners Club Sheng Siong Cobrand Card may be your best option.
Overall, if you like staying in and prepping your own meals, this card may help you save on grocery shopping costs — but only at Sheng Siong.
Otherwise, if you’re a typical student who likes to dine out and shop online, there are many other cards that offer better cashback rates and benefits such as the CIMB AWSM card or the Maybank eVibes Card.